FL S1288

Establishes a corporate income tax credit for corporations employing 300+ full-time employees that contract with small businesses (25 or fewer employees) for goods or services.

Requires corporations to pay small businesses at least $100,000 within one year and small businesses must hire at least two new employees within 60 days of contract execution to qualify for the credit.

Provides a tax credit equal to 10 percent of payments made to the small business, with a maximum credit not exceeding the corporation's corporate income tax liability and no carryforward or carryback of unused amounts.

Designates the Department of Economic Opportunity to certify eligibility through a provisional certification process within 10 working days, followed by final certification after the contract terms are satisfied.

Effective January 1, 2013; fraudulent claims for the credit result in repayment plus a mandatory 100 percent penalty, interest, and criminal liability as a second-degree misdemeanor.